Will Massachusetts Tax Medical Marijuana? Looks Likely

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Will Massachusetts Tax Medical Marijuana? Looks LikelyMedical marijuana may soon become a taxable commodity in Massachusetts if a move by Senator Brian Joyce to enact a provision that allows for its taxation garners support.

Joyce plans to have all pot sales levied the 6.25 sales tax and plans to file an amendment to the Senate budget that was released on Wednesday. This is after he failed to introduce the amendment into the substance abuse bill.

He argues that medical cannabis isn’t considered as a prescription drug and hence should be taxed just like other over-the-counter drugs such as cough medication and aspirin, reported Lowell Sun.

“I want to be consistent with federal law,” said Joyce.

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Joyce, a Milton Democrat, also notes that ten other U.S. states that have legalized medical marijuana tax it, though they exempt prescription drugs from sales tax. These states include Nevada, California, Washington D.C., Arizona, Maine, Colorado, New Jersey, Connecticut, Rhode Island and New Mexico.

The lawmaker said he felt concerned that substance abuse may be taking its toll on the state, and estimated that the $60 million earned from medical marijuana taxes can be directed towards controlling its abuse.

Most lawmakers revealed that they will wait until Joyce finalizes the proposal before they can make any comments.

Most states that have a sales tax and medical marijuana do tax it,” said Stephen Brewer, Democrat-Barre, and the Senate’s Ways and Means Chairman.

“We’re not the only ones doing this,” added Brewer, who is yet to state his stance on the matter, though he said that since other states are taxing it, it may be a nice idea. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.

To contact the reporter of this story; Jonathan Millet at john@forexminute.com